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CMA Study Materials, Resources and etc. Answering the Questions.
CMA Study Materials
1. Hock vs. Gleim
The HOCK Distance Learning Program and Gleim's CMA/CFM Review System are the most popular study systems among CMA/CFM candidates. The both are very good and you can choose one based on your accounting and financial experience. Already well prepared candidates may prefer Gleim's Review, because it is a brief outline for necessary topics with a lot of additional (often outside the scope of the exam) information. Hock's Study Materials teach you to understand the concepts and provide sufficient level of understanding and knowledge to pass the exam. Hock's Study Materials are very well aligned with LOS (Learning Outcome Statements).
For example, the pensions occupy 7 pages in Gleim, with 3 pages of definitions (defined benefit pension plan, PBO, ABO, NPPC, accrued/prepaid pension cost). Hock gives detailed explanation on 21 pages. Therefore, if you already know accounting and calculations for pensions you may choose Gleim's outline. However, it wasn't my case :-)
Hence, the preparation with Gleim's Study Materials is very time consuming when you don't have good background, because you should use another sources of information for understanding the materials (on the Web, other study materials, etc.).
Mel, I used old Gleim's materials 11th Edition for my Revised CMA Part 1 (I think 10th and 11th Editions are essentially the same). It was sufficient for part 1. The CMA/CFM exam is updated to reflect changes in US GAAP one year after the effective date, so some questions from old study materials are out of date now. In the comparison of Reorganized CMA Exam with Old CMA Exam you can find the topics from Revised Exams that not covered by old Gleim's Study Materials. But, for me, the key item that I missed with Cleim's old materials was the time. It is not very convenient to jump from one book to another + specifics of Gleim's materials as I mentioned above. Again, if you are well prepared, I think old Gleim will be sufficient for you, just be aware about obsolete questions.
Gleim's Test Prep software is convenient to use and have a very large question bank. When I prepared for Revised Part 2, I often skipped the questions from source "publisher" (in the last stage of preparation, I skipped "CPA" and "CIA" questions too). My results were about 90%+ for CMA source questions. So, Reem, 70-78% is a good percentage without skipping.
I didn't use Hock's software with questions bank, so can't tell my opinion about it. The Hock's Study Materials have not very many questions, but these questions are good.
2. Other CMA/CFM Self-Study Courses. I can't tell my opinion because I didn't use them. One thing you need to know about "Only from IMA" IMA's CMA Learning System. It is just another learning system without access to any exam information from the ICMA (Institute of Certified Management Accountants) other than the information that the ICMA makes available to other providers of exam prep products and services.
Please, leave your impressions about using the different study materials in comments!
CMA Interactive Online Resources (Forums)
1. JPS Accounting Forums. The big online community for accountants over the world. Its services are focused on the Arab Accountants. Website contains a lot of useful information especially for those who know the Arabic language.
2. CMA section on CPAnet Forum. Not active, but exist.
3. Hock's CMA/CFM Forums. Ask the questions to Brian Hock.
4. Gleim's CMA Candidate Forum. You should be registered for access. The forum structure is not usual.
If you know other helpful online resources, please, suggest them in the comments.
Posted by mazoo at October 18, 2005 5:24 PM
Related posts:
New HOCK Student Forums Apr 04, 2006Comments
Mazoo -
I stumbled upon your blog and find it fascinating! I've just started to research the CMA so I have many questions, but I primarily want to ask your opinion on the feasibility of obtaining a CMA without having majored in finance/accounting as an undergraduate. I know that may be a hard judgement to make and is largely dependent on a person's determination, propensity toward matters of statistics and mathematics, and eagerness to learn accounting. This is not something I would consider without first undergoing 1-3 years of self-study plus the possibility of enrolling in a formal CMA prep program. A nearby university offers such a program with about 85 hours of total class time.
Your thoughts?
My undergraduate degree is in Meteorology, thus I've been exposed to rather advanced math and happen to enjoy numbers and statistics. At present, I work for a major defense contractor as a systems engineer with aspirations for eventually moving into business development, general management or corporate finance. I'm also considering an MBA, though that would be years after the CMA. I'm currently 23 yrs old, fwiw.
I'm enthralled by economics, investing and finance, but must say that I've only began to scratch the surface on some of these disciplines, and my experience with accounting is rather thin. My previous program manager considered me management material, so I'm not just some nerdy engineer with no social skills yet wild dreams of fame and fortune ;-) Though I am sure I am still a bit naive.
Anyhow, sorry for being long-winded :-) Feel free to contact me via e-mail with a reply.
Thanks!
Posted by: Matt at November 11, 2005 5:21 AM
Hey Matt,
I'm sort of in the same shoes as you right now, without an accounting/finance degree (I'm in economics), but I'm sure it is doable for anyone if you put in the time and effort.
Here's a question for Mazoo, do you think it's a good combination to use Hock's textbooks (since it has more detailed explanations than Gleim) and Gleim's test prep software? What else from Hock or Gleim would you recommend? (ie. the Gleim online courses)
Thank you!
Posted by: Tim at November 15, 2005 8:07 AM
Hi, Matt!
I graduated from Mechanical Mathematical Dept. of Moscow State University and didn't have any special accounting/finance skills, but of course have strong mathematical background. I think that this background is the best base for learning finance :-)
CMA program is not difficult for understanding. It's difficult because a lot of material is covered in this course - a lot of memorization required, a lot of time required. But I believe that continuous personal development is the necessary requirement of success. Learning is a very good choice especially if you are only 23 years old and while you don't have children or other time consuming things :-) But be aware, learning should work for your main purposes not just for learning itself.
This is good quote from Paul Graham (http://www.paulgraham.com/) regarding "Fortune and glory" ;-)
"If you work your way down the Forbes 400 making an x next to the name of each person with an MBA, you'll learn something important about business school. You don't even hit an MBA till number 22, Phil Knight, the CEO of Nike. There are only four MBAs in the top 50. What you notice in the Forbes 400 are a lot of people with technical backgrounds. Bill Gates, Steve Jobs, Larry Ellison, Michael Dell, Jeff Bezos, Gordon Moore. The rulers of the technology business tend to come from technology, not business. So if you want to invest two years in something that will help you succeed in business, the evidence suggests you'd do better to learn how to hack than get an MBA."
Anyway, you should follow your passion: if you like accounting/finance, no "backgrounds" or other excuses will stop you.
Posted by: Mazoo at November 15, 2005 5:21 PM
Tim!
I totally agree with you in the first question.
I think Hock + Gleim CD is one of the best and sufficient study combinations. In addition, I use only google :-)
Posted by: Mazoo at November 15, 2005 5:30 PM
Thanks for the repky Mazoo :-) I've also discovered a 15 credit accounting certificate program at a local university, which is something I may first pursue to "test the waters" so to speak. Most of the courses are offered online, which has its advantages and disadvantages I suppose.
Posted by: Matt at November 21, 2005 1:06 AM
please iwant your aid because i will enter exam prat 1 nowadays.
thank you
ahm
Posted by: ahm at April 22, 2006 5:58 AM
I really enjoy this blog as it gives me a lot of insight to the CMA exam. I sat for it back in 2000 and missed all four parts and became very frustrated. I have had some interest recently and have contemplated sitting for it again. I have also been contemplating going back to school now at the age of 35 for an MBA in finance. A side note...I don't have the educational credits to qualify for the CPA exam, hence, the interest in the CMA exam. I have until December 2007 to take the old parts, but can take the revised parts instead. I was wondering if anybody has advice to give on which might be a better decision regarding an MBA or the CMA certification. Thanks.
Posted by: Jeff at July 13, 2006 1:01 AM
Which is the easiest of 3 CMA parts?
Posted by: Vijay at July 19, 2006 4:39 PM
Vijay,
it depends on your background. For me part 1 (and generally for most others) is the easiest, then Part 3 that I'm writing tomorrow and then Part 2 (also the most material covered)
Posted by: timbball at July 19, 2006 7:28 PM
Hey, quick question, do you think the Hock Audio files are worth it? Or did you study without the audio's? I'm going to purchase the Hock materials in about 2 weeks and I want to know if they are extremely helpful, or I could do without. I'm currently a cost accountant, so I have a good background in accounting.
Craig
Posted by: Craig at August 17, 2006 12:55 AM
Craig,
I don't know about Hock Audio files, but Gleim's audio materials were not helpful for me. Very breif and very costly :-)
Posted by: Mazoo at August 23, 2006 1:09 PM
i just took the cma part 2 exam yesterday and i passed it with a score of 500. first time i took it i scored a 460. i thought it was a pretty difficult test, not because the content is that hard but because there is so much material covered.
what was your experience with part 2? did you also find it difficult?
Posted by: emmanuel at November 8, 2006 7:10 AM
Hi Mazoo, so glad to read helpful words in your blog. This is lin from China, working for American JV, GL accountant, thinking about to try CMA exam. It is a great blog, thank you for your information!
Posted by: lin at November 21, 2006 10:52 AM
Hi Mazoo,
Thank u for creating such a valuable blog..my question is if I have moderate level of financial/ Accounting background would u recommend going through part 1 or 2 revised and
are gliem materials for part 2 (old program) the same for the (revised one)??
Posted by: Ys at December 7, 2006 1:45 PM
Thanks for the great blog by the way. I have found it very helpful. I have been considering getting my CMA for a while, but I will just say it. I am cheap! I don't want to pay hundreds of dollors for a study system. I think if I pay for anything it will be the Hock stuff. Am I being crazy here? Is this one of those things where you have to spend money to make money? This is going to be an investment, and I don't know if I want to do that. $ and time are my biggest hurdles right now. Any advice/suggestions?
Posted by: Gia at January 13, 2007 10:31 AM
does any one knows any thing about part 4
Posted by: nasnas at May 13, 2007 11:50 PM
does any one knows any thing about part 4
Posted by: nasnas at May 13, 2007 11:50 PM
thank for partener
Posted by: mostafa at March 22, 2008 4:19 PM